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The institute, formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) (Regd.), was created for the purpose of promoting insurance education and training in India. [1] The institute conducts examinations at various levels. It is the professional institute in India devoted solely to insurance education.
The NCF 2005 serves as a guideline for syllabus, [1] textbooks, and teaching practices for the schools in India. The NCF 2005 [ 2 ] has based its policies on previous government reports on education, such as Learning Without Burden [ 3 ] and National Policy of Education 1986–1992, [ 4 ] and focus group discussion. [ 5 ]
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
In insurance practice, an insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object (or in the case of a person, their continued survival). An "interested person" has an insurable interest in something when loss of or damage to ...
Compound verbs, a highly visible feature of Hindi–Urdu grammar, consist of a verbal stem plus a light verb. The light verb (also called "subsidiary", "explicator verb", and "vector" [ 55 ] ) loses its own independent meaning and instead "lends a certain shade of meaning" [ 56 ] to the main or stem verb, which "comprises the lexical core of ...
The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, [ 2 ] and further increased to 74% in May 2021.
Uberrima fides is strictly limited in English law to the formation of the insurance contract. [5] During the mid-20th century, American courts expanded it much farther into a post-formation implied covenant of good faith and fair dealing. Violation of that implied covenant came to be seen as a tort, now known as insurance bad faith. [5]